President Nicos Anastasiades pledged that even his far-flung family members would be subject to scrutiny by the commission, which launches on Tuesday.

"I want to emphasise that during tomorrow's swearing in ceremony for the three distinguished judges, they be given a mandate to investigate everything that is possibly related to me, including those relatives linked to me by marriage," he said.

Cypriot politicians face accusations they scrambled to move their holdings out of the island's banks in the run up to a bail-out which, in an unprecedented move, forced severe losses on any deposits above €100,000 in Cyprus' two largest lenders.

The commission will also examine a list of politicians accused by the Greek media of having defaulted on loans as the banking system descended into crisis.

Mr Anastasiades on Monday also unveiled parts of a reform package aimed at stimulating growth in an economy still reeling from a major assault on its dominant financial services sector.

Measures include lifting a ban on casinos to attract tourism and tax incentives encouraging businesses to pump cash back into the Cypriot economy.

A government spokesman likened the growth policies to the clear-up operations following a natural disaster.

"The government, having inherited an atomic bomb, tried to deactivate it and in doing so spared this country from total bankruptcy," said Christos Stylianides.

"It is now dealing with a post-earthquake period with the aim to kickstart the economy."

Cyprus has clinched a one-year extension on a lender-imposed budget target, but is still seeking to push the new deadline, of 2017, back again.

Meanwhile it emerged that no government help will be given to Russians facing deep losses on their bank deposits in Cyprus, according to prime minister Dmitry Medvedev's second-in-command, as he voiced disapproval of the island's status as a tax evasion destination.

Russians hold an estimated €19bn on the Mediterranean island, and stand to lose more than half their holdings over €100,000 under the terms of the bail-out.